Besi: Cyclical recovery is on; Hybrid Bonding adoption is accelerating

Besi is at an inflection point. Yesterday’s preannouncement confirms that visibility on the recovery in mainstream packaging is materializing. At the same time, confidence in hybrid bonding adoption continues to build. For our latest perspective on the stock, please see the note below.

BE Semiconductor Industries N.V: 1 director

A director at BE Semiconductor Industries N.V sold 500 shares at 150.000EUR and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The...

Besi 3Q25: Mainstream recovery sets up a strong 2026. Buy, €170.

Zealand Pharma Positive phase 1a data for Kv1.3 channel blocker

Zealand Pharma reported positive phase 1a topline results for the Kv1.3 channel blocker ZP9830. Single ascending doses of ZP9830 were well tolerated, with no serious or severe adverse events or dose-limiting safety findings, and PK/PD profile was in-line with predictions. We view these data as de-risking for the program and look forward to the MAD data expected in 2H26, which should provide insight into extended exposure and additional proof of mechanism. Given the selective expression of Kv1.3 on effector memory T cells, we believe Kv1.3 blockers have pipeline-in-a-product potential in the at...

Morning Notes : AED BB, ASRNL NA, BAR BB, COFB BB, UMI BB, IMCD NA, ZEAL DC

: AED BB, ASRNL NA, BAR BB, COFB BB, UMI BB, IMCD NA, ZEAL DC

Dynamic Top Pick List update Removing Aedifica

We remove Aedifica from our Dynamic Top Pick list after we updated our model after the FY25 reporting. Since we upgraded Aedifica early November from Hold to Buy, it outperformed the EPRA developed index by 15,1%. We expect the momentum to continue on a positive outcome from the initial exchange period and a potential MSCI inclusion. However we see limited upside to our € 80,0 fair value so we cut our recommendation from BUY to ACCUMULATE.